The Group’s revenue increased by 7% to over £2.4bn, whilst its adjusted operating profit before tax was up 37% to £95.9m. Their balance sheet also remains strong, with net cash at £390m – nearly £40m ahead. Following year-on-year increases, their secured orderbook now sits at £12bn, with a further £6bn at preferred bidder stage. This provides the Group with a strong platform to deliver future revenues in the short, medium, and long term, and has resulted in a 20% increase to its interim dividend, rising to 50p per share.
John Morgan, Chief Executive for the Group, says:
It has been another record first half year for Morgan Sindall. These results further demonstrate our track record of delivering strong revenue and profit growth and robust cash generation, enabling continued investment in our partnership businesses, while, importantly, supporting strong dividend growth.
Our combined secured orderbook and work at preferred bidder stage grew 24% to £17.8bn. I want to express my thanks to everyone in all our businesses, our partners, our supply chain, and all our clients, who have made these results possible.
Morgan Sindall Group is a leading UK Construction & Regeneration group with annual revenue of £4.5bn, employing over 8,000 employees and operating in the public, regulated and private sectors. It reports through six divisions of Partnership Housing, Mixed Use Partnerships, Fit Out, Construction, Infrastructure and Property Services. BakerHicks report through the Infrastructure division, which delivered a profit of £18.4m. With an operating margin of 3.8%, the division’s order book comes in at £1.9bn with a further £600m at preferred bidder stage.
